Kenya’s president Mwai Kibaki said that African countries should decrease their reliance on foreign financing for infrastructure claiming that the solution lies within increasing national and regional financial mechanisms.
Kibaki said that countries should find innovative ways to diversify funding, privatization, and project management to help decrease the reliance on foreign funds to build infrastructure. “We need to move fast to further strengthen our capital markets to enable them develop products such as infrastructure bonds and municipality bonds,” he added.
Interconnection schemes in Africa will require $93 million each year over the next 10 years, according to the Common Market for Eastern and Southern Africa (Comesa) secretary general Sindiso Ngwenya.
Kibaki said: “We must collectively invest in generation capacity and build power grid interconnectors. This will facilitate trade in power from surplus to deficit regions.”
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